Sri Lanka holds rates, says recent tightening will moderate inflation

The Central Bank of Sri Lanka held its key lending and borrowing rates steady on Thursday following a massive 700 basis points increase at its previous meeting and reiterated the need for more fiscal measures and political stability in the economy.

The Standing Lending Facility rate remained unchanged at 14.50% while the Standing Deposit Facility Rate was steady at 13.50%.

"It is envisaged that the recent tightening of monetary conditions and the strengthening of monetary policy communication will help anchor inflation expectations of the public in the period ahead," CBSL said in the statement.

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